Stock market in red amid India's diplomatic action against Pakistan
By : Sandhya
The stock markets opened in the red on Thursday, with the Sensex falling below 187.91 points and the Nifty dropping below 46.45 points. Eight of the thirteen key areas fell at the start. The broader, more domestically focused small- and mid-caps remained flat.
"Global cues are positive, FPI inflows are positive, earnings in pockets are positive, and the Indian market breadth has clearly improved. The overhang will last for the next 10 to 15 days, as it did in the last two instances from the terrorist strike to the retaliatory Uri and Balakot strikes," market expert Ajay Bagga told ANI.
"Diplomatic measures have been announced and the Indus Water Treaty related measures though significant, will require major infrastructure execution to make an impact on the ground," according to him. On Wednesday, stock markets extended their rally to a seventh day, with the Sensex rising 520 points to close above 80,000 for the first time in four months, boosted by significant gains in IT and auto companies.